The Property Bible, incorporating the Property Boomerang is a complete financial model to manage your property.
It is divided into three key phases:
Phase I: Pre-Purchase: Appraisal Model. Matters to be considered before buying.
Phase II: Post- Purchase Appraisal Model. Matters to be considered afterand before letting buying.
Phase III: Property Boomerang Appraisal Model. Matters to be considered afterletting.
This should be read in conjunction with the “Guide”.
The online training video and screen captures explains the functionality of the Property Boomerang (model shown in the video is subject to changes for improvement and updates).
Phase I: Pre-Purchase
Phase II: Post-Purchase
Phase III: Property Boomerang
Legal Requirements
There are various legal requirements when buying, selling or letting property.
Energy Performance Certificate (EPC)
This is required to be updated every 10 years.
It includes information about an property’s energy use and energy costs
The EPC also contains recommendations on how to reduce the energy consumption.
Gas Safety Certificate
This is required to be updated every 12 months.
You cannot legally let out a property without one and is a criminal offence if not adhered to.
Electrical Safety Certificate
This is required to be updated every 5 years.
These regulations require landlords to have the electrical installations in their properties inspected and tested by a person who is qualified and competent.
Landlords have to provide a copy of the electrical safety report to their tenants, and to their local authority if requested.
Property License
Most London boroughs require landlords to have a property license in place to let out their property.
This is required to be updated annually.
Failing to have the correct licence for your property can lead to:
criminal prosecution
a hefty fine,
a civil penalty of up to £30,000,
an order to repay up to 12 months rent,
inability to evict your tenants using a Section 21 Notice of Seeking Possession.
Fire Risk Assessment
All landlords have legal obligations as regards fire safety.
should ensure that there is an adequate means of escape in case of fire
landlords of shared and Houses in Multiple Occupation (HMO) properties will have additional obligations:
both under the Regulatory Reform (Fire Safety) Order (2005) ,
Smoke and Carbon Monoxide Alarm (England) Regulations 2015
The Housing Act 2004.
Legislation creates a legal entity known as the “responsible person”.
So if you are the owner, manager, agent or even own a flat within a block ‘you will need to check’ if YOU are the responsible person.
